Cohort Launches Conditional Retail Offer to Fund Acquisition and General Corporate Purposes

Highlights

• Retail Offer: Cohort plc has launched a conditional retail offer via PrimaryBid for new ordinary shares priced at 875 pence each, representing a 4.3% discount to the last market price.
• Proceeds Use: The proceeds from the offer will partly fund the acquisition of EM Solutions and be used for general corporate purposes.
• Retail Offer Details: The offer is open to UK investors with a minimum subscription of £250 and a maximum limit of £1 million in aggregate demand.

Cohort plc (LSE:CHRT) has announced the launch of a conditional retail offer, aiming to raise capital to support the acquisition of EM Solutions and for broader corporate purposes. The offer is being conducted via the PrimaryBid platform, with new ordinary shares available at an issue price of 875 pence per share, a 4.3% discount compared to the closing price of 914 pence per share on 20 November 2024.

Retail Offer and Placing Overview

The retail offer is part of a broader fundraising initiative that includes a placing of new shares through an accelerated bookbuilding process. The total issue of new ordinary shares, including those offered in the retail offer and the placing, will account for approximately 11.2% of Cohort’s existing issued share capital.

The net proceeds from the placing will primarily be used to fund the acquisition of EM Solutions, a company held by Electro Optic Systems Holdings Limited (EOS), while the proceeds from the retail offer will support general corporate needs.

Retail Offer Details

• Eligibility: The offer is open to new investors and existing retail shareholders based in the UK, with a minimum subscription of £250 per investor.
• Maximum Subscription: The total demand under the retail offer is capped at £1 million.
• Scaling Back: Cohort reserves the right to scale back applications at its discretion.
• No Commission: No commission will be charged for applications via PrimaryBid.

Conditions and Timing

The retail offer is conditional upon the admission of the new shares to AIM, which is expected to take place at 8:00 a.m. on 25 November 2024. Admission will occur simultaneously with the placing, and the offer will not proceed without the successful completion of both the retail offer and the placing.

The Company has structured the retail offer separately from the placing to ensure that retail investors, who are important to Cohort, have the opportunity to participate.